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Why have they stopped shipping oil?

The Saudi announcement came after Iran-aligned Yemeni Houthi insurgents attacked two Saudi oil tankers in Bab al-Mandeb on Wednesday.

Saudi Arabia, the world’s biggest oil exporter, has accused Iran of supplying the Houthis with weapons including missiles, which Tehran and the Houthis deny.

The Houthis, an anti-Yemeni military rebel group which has escalated into a civil war with the military, have previously threatened to block the strait.

The insurgents said on Thursday they have the naval capacity to hit Saudi ports and other Red Sea targets.

Iran has also threatened to block another strategic shipping route: the Strait of Hormuz.

Saudi Energy Minister Khalid al-Falih said the Houthis attacked two Saudi oil tankers in the Red Sea on Wednesday, one of which sustained minimal damage.

He said: “Saudi Arabia is temporarily halting all oil shipments through Bab al-Mandeb strait immediately until the situation becomes clearer and the maritime transit through Bab al-Mandeb is safe.”

It is not yet clear if the Saudis intend to take additional security measures in the area or impose further import restrictions to Yemen, which is in the grips of the world’s most urgent humanitarian crisis.

Saudi Arabia news: The Bab al-Mandeb is one of the world’s most important oil routes (Image: Google Maps )

A senior oil source said Saudi Arabia had already beefed up oil security and that all crude vessels in the area are accompanied by security ships.

Currently, Saudi crude exports through Bab al-Mandeb are estimated at around 500,000 to 700,000 barrels per day.

The chairman of the Kuwait Oil Tanker Company said the country was considering whether to follow suit.

According to Reuters, industry and shipping sources said the suspension was unlikely to impact Saudi crude supplies to Asia, but could add shipping costs to Saudi vessels heading to Europe and the United States due to a longer transit.

The American influence

Saudi Arabia and the United Arab Emirates backed Trump’s decision to quit a nuclear deal with Iran.

Iran has come out in criticism of the United State’s role in escalating the conflict.

The commander of Iran’s Revolutionary Guards Quds force, Qassem Soleimani, said: “The Red Sea, which was secure, is no longer secure with the American presence ... (U.S. President Donald) Trump should know that we are a nation of martyrdom and that we await him.”

The latest attack on the Saudi oil tankers could be an attempt to strengthen Iran’s position ahead of possible UN-sponsored peace talked between Yemen’s warring parties.